An expanding literature asserts that non-U.S. firms achieve a unique valuation premium for listing on U.S. equity markets. In this paper we test the uniqueness of the U.S. foreign listing premium by examining the premium achieved by foreign listings across a global set of stock exchanges. We...

This paper tests whether foreign equity listings are associated with permanent valuation gains and examines how market and firm characteristics influence any valuation effects. Using a global sample of 1676 listings placed in 25 countries, we find that much of the valuation gains to overseas...

We study how listing in multiple markets affects the dynamics between firms' credit default swap (CDS) and stock returns. We find that cross-listing increases (i) the sensitivity of CDS to stock returns; (ii) the integration of CDS with world equity and bond markets; and (iii) the statistical...

We study market segmentation effects using data on U.S. railroads that list their bonds in New York and London between 1873 and 1913. This sample provides a unique setting for such analysis because of the precision offered by bond yields in cost of capital estimation, the geography-specific...

Using a 57-year global foreign listing sample, we identify cross-listing waves at the host market, home market, and industry levels. Waves in host markets are often due to cross-listing waves in proximate home markets. Consistent with gravity model implications and economic synergy arguments of...

Using a cross-section of effectively the entire universe of overseas listings across world markets, we examine the market preferences of firms listing their stock abroad. We find that geographic, economic, cultural, and industrial proximity plays the dominant role in the choice of overseas...

Nonlinearities arise in international investment because of a pecking order in barriers. Some severe barriers render all others meaningless, and only when they are alleviated do other barriers become important. We show, using quantile regressions designed to model relations at more points than...

This paper tests whether foreign equity listings are associated with permanent valuation gains and examines how market and firm characteristics influence any valuation effects. Using a global sample of 1,676 listings placed in 25 countries, we find that much of the valuation gains to overseas...